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Everstone rejigging PE business; Ventureast trims size of sixth fund again
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Everstone Capital is restructuring its private equity business and its organisational review system, Mint reported, citing two people aware of the development.

The firm is being advised by UK-based consultant Kiddy & Partners on the restructuring of its private equity business, the report said.

Everstone has made some changes in the senior management as a result of this exercise and will make more changes at the middle, associate and analyst levels, the financial daily said, citing a letter sent by the private equity firm to its investors.

Everstone has lost some top executives in recent months but has also hired a few. Managing directors Atul Phull and Prateek Dhawan quit the firm over the past few months. In July, Everstone had appointed Sanjay Gujral as its chief operating officer.

In June, the firm had opened an office in New York.

In a separate development, early-stage investment firm Ventureast Fund Advisors India Ltd has reduced the target size of its sixth fund to $80 million from the $100 million planned earlier, The Hindu BusinessLine reported.

Srikanth Sundararajan, partner at Ventureast, told the financial daily that the firm had cut the fund size owing to hurdles with a limited partner (LP) which wanted more time to participate.

Ventureast Proactive Fund II is expected to hit the final close by the end of this month, the report added.

This is the second time that Ventureast is trimming the size of this fund. 

In October 2016, VCCircle reported that the fund had achieved its first close at $83 million and aimed to raise $150 million in total.

It subsequently slashed the target to $100 million last June.

The fund has so far invested in companies including OSLabs Technology India, which runs smartphone operating system Indus OS; rural e-commerce platform Boonbox and human resource technology startup EdGE Networks.

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